Last year we saw Microsoft announce a big reveal at E3 of a TV service coming to the Xbox 360...now they're pulling the plug on it.A report on Reuters today reveals that Microsoft was at one point very serious about the service, but backed down and shelved it when it found out how much TV networks were going to charge for live feeds of their programming.

Interestingly, while the initial reports only mention the Xbox 360, the Reuters report simply mentions Microsoft, implying the company had grander plans for its TV service than just its home console.

I for one was looking forward to the UFC channel, betting on bouts, live-chatting with Xbox Live friends, rewinding knockouts, and recording interviews with fighters and the Octagon girls.